Cryptocurrency Market crashes due to Bearish Trend Correction

Bitcoin and several other altcoins suffered another downslide, with the reason, Goldman Sachs halting its decision on opening a trading desk for cryptocurrencies.Bitcoin, the largest cryptocurrency fell below the $7000 mark, with Ethereum falling near the $250 mark, all this happening in an hour.

The market capitalization before this downslide was $240 billion, and as of now, the market stands around $222 billion.Shapeshift also has a role to play here, as it is asking its customers and users to create an account, which was not mandatory previously.

Digital currencies are a club that is often relied on the fortunes of bitcoin, which leads by a considerable margin in terms of market size. However, Bitcoin recovering a tad bit from the early days, it still plunged down to a low of 12% in the last few days. The bearish correction which took the cryptocurrency market by storm witnessed losses more than $17 billion.

The major contributors to the crash along with Bitcoin and Ethereum were Ripple and EOS. Altcoins like EOS, Bitcoin Cash, Ethereum, Litecoin, Monero, and Ripple experiencing losses in double digit. Among the altcoins, Stellar was the clear winner, recording losses of over six percent.

Bitcoin Cash and EOS were the worst performing altcoins while the losses where the losses went up to more than 16 percent. Bitcoin Cash comes us a surprise to most of the investors as it recently went through a decent bull run. As of September 6, the pair of BCH/USD is around 500 fiat. In the last few hours, the duo has accounted for a loss of about 20% with the ongoing cryptocurrency bear correction.

Closely behind Bitcoin Cash is EOS, which just like Bitcoin Cash was going through uptrend and established around $7 as weekly high. But the pair of EOS/USD fell due to the bearish trend by dropping about 22%, at the time of writing this.

Ethereum also went through a huge drop, by dropping close to 19.5% in the past few days. Although the pair of ETH/USD at the start of this week climbed up to the 300 fiat mark, however, the bullish trend which is ongoing in the trend market, made the value slide down and coming as low as USD 229.

Dropil brushed some luck on the bearish day, with some gains coming by its side. This cryptocurrency is backed by various independent cryptocurrency platforms, which allowed it to witness more than 7% against the USD at the start of the week. However, the prices of Dropil have dropped in the last 24 hours by 7%. The current price of Dropil, as of September 6, is $0.00390853.

Meanwhile, Bitcoin is increasing its correction, with a likely pullback being close to 6832 USD, which does not guarantee an increased bull run for now.